(MPI) - Deputy Minister of Planning and Investment Tran Duy Dong held a meeting in Ho Chi Minh city on April 26 with Ramin Toloui, Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State.

Deputy Minister of Planning and Investment Tran Duy Dong (left) and Ramin Toloui, Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State. Photo: MPI

Ramin’s visit is to review the implementation of a cooperation agreement reached between Vietnamese agencies and Under Secretary for Economic Growth, Energy, and the Environment Jose Fernandez in Vietnam in January this year, focusing on high-tech cooperation and semiconductor industry.

Economic and investment cooperation between Vietnam and the US achieved many positive results and developing fruitfully in multiple spheres. The US has 1,350 projects worth 11.8 billion USD in Vietnam by the end of March 2023, ranking 11th out of 145 countries and territories investing in the country. Vietnamese investors run more than 230 projects with a total registered investment capital of over 1.3 billion USD in the US, mainly focusing on technology and innovation.

Deputy Minister Dong spoke highly of the U.S. Department of State’s role, particularly the Bureau of Economic and Business Affairs (EBA) and Ramin personally, in coordinating and implementing cooperation programme in semiconductors with Vietnam through the International Technology Security and Innovation Fund (ITSI Fund). He also expressed his pleasure at initial concrete implementation of the cooperation, including programme with Arizona State University, a long-standing partner of Vietnamese educational institutions.

He mentioned that Vietnam is actively preparing conditions to welcome and cooperate with partners, enterprises, and investors, including those from the U.S., in the fields of innovation, semiconductor industry, and artificial intelligence (AI). The country is accelerating of high-quality human resource training in technology and electronics, developing energy infrastructure, especially renewable energy, and finalising specific mechanisms and policies.

The deputy minister suggested Ramin promote coordination with Vietnam in all stages of design and manufacturing, and help expedite the establishment of labs at the Vietnam National Innovation Center (NIC) in Hanoi and the National University in Ho Chi Minh City, with the view to significantly boosting Vietnam’s semiconductor manpower training.

He encouraged U.S. firms to continue expanding their operation and investment in Vietnam, and to create more favorable conditions for cooperation between the two countries’ enterprises in high-tech industries.

Deputy Minister Dong also emphasised issues related to intellectual property protection and development of the renewable energy industry and services in Vietnam. He affirmed that Vietnam is committed to perfecting institutions and creating all optimal conditions for investors, including those from the U.S to successfully do business in Vietnam.

For his part, Ramin agreed with Deputy Minister’s proposals, adding that semiconductor technology will become a foundation for other aspects, and Vietnam is becoming a strong component in the global supply chain with an economy flexible enough to absorb global shocks. “This is a plus point and a significant value”, he noted.

Ramin mentioned that the U.S. Semiconductor Association has had positive cooperation with Vietnam while many U.S. firms are interested in and increasing investment in Vietnam.

He also believed that Vietnam’s plan to train 50,000 semiconductor engineers by 2030 and the national strategy on semiconductor development will be a great value, helping investors understand Vietnam’s mechanisms, policies, and solutions to support this industry./.

Bao Linh

Ministry of Planning and Investment